The ratings were placed on review for a possible downgrading after termination of a deal between Zions and First Security Corp., which was expected to strengthen Zions market positions, achieve cost savings, and expand its franchise into new markets.

Because of acquisitions, Zions has experienced substantial loan growth, especially in the increasingly competitive commercial real estate sector, where its exposure currently exceeds 45% of the loan book, though this includes the lower-risk, owner-occupied segment, Moodys said.

The rating agency had upgraded Zions because of the First Security deal.

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